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Wednesday, July 31, 2019

Welltower adjusts 2019 FFO guidance, sells Benchmark portfolio

Welltower (NYSE:WELL) revises its 2019 guidance for normalized FFO per share to $4.10-$4.20 from its previous range of $4.10-$4.25.
Compares with consensus of $4.19.
Boosts 2019 average blended same-store net operating  income growth guidance to 2.0%-2.5% vs. prior range of 1.25%-2.25%.
Boosts 2019 expected disposition proceeds to $3.1B at blended yield of 6.3% vs. prior view of $1.4B at blended yield of 6.2%.
Q2 normalized FFO per share of $1.05, beating the consensus of $1.04, increased from $1.00 in the year-ago quarter.
Q2 total portfolio same-store NOI increased by 3.1%, driven by performance across all property types.
Other announcements:
In July, Welltower sold its the Benchmark Senior Living portfolio for $1.8B with the potential to receive an additional $50M in earnout proceeds.
Expands relationship with Summit Medical Group by agreeing to acquire a 43-acre medical campus encompassing 270,000 square feet across 6 buildings in Berkeley Heights, New Jersey for $140M; medical campus will be master leased by Summit under a new 20-year, absolute net lease.
Acquires a six-community portfolio in Denver and Boulder regions for $308M in partnership with Balfour Senior Living.

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